Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Cattle Health Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global cattle health market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period, according to the latest market research report.
The market experienced fluctuations due to the COVID-19 pandemic, impacting the pharmaceutical supply chain and leading to reduced demand for cattle healthcare products. However, as economies reopen and trade in veterinary products and services resumes, the cattle health market is expected to recover from the pandemic's impact in the next two-three years.
Key Highlights:
- COVID-19 Impact: The pandemic disrupted the cattle health market, causing reduced demand for healthcare products during the initial phase. Major companies like Zoetis Inc. reported a decline in the need for their products due to COVID-19. However, with decreasing cases and easing restrictions, the market is expected to rebound in the coming years.
- Drivers of Market Growth: The market is driven by factors such as increasing R&D expenditure in the cattle health sector, rising burden of cattle diseases, and growing initiatives by governments and animal welfare associations. Diseases like mastitis in bovines are prevalent, creating a higher demand for drugs and medical devices in cattle health.
- Increasing Value and Volume of Animal Products: Growing livestock and poultry production in countries like India and the United States is boosting market growth. The rising demand for milk and meat products is driving the need for cattle healthcare products to maintain animal health and productivity.
Cattle Health Market Trends:
- Diagnostic Imaging to Hold Significant Share: Diagnostic imaging techniques like CT scans and magnetic resonance imaging are expected to play a crucial role in the market. Initiatives by public and private organizations to support better diagnostic imaging and the launch of advanced imaging systems are driving market growth.
- North America Leads the Market: The cattle health market in North America is expected to hold a significant share due to increased import-export of cattle for beef and beef-related products between countries like Mexico and the US. Diagnostic and vaccination requirements for imported and exported cattle contribute to market growth.
Cattle Health Market Competitor Analysis:
The market is moderately competitive, with major players like Qiagen, Boehringer Ingelheim, Thermo Fisher Scientific, Elanco Animal Health, IDVet, Merck & Co. Inc., Virbac, and Zoetis Inc. dominating the industry. Some local players also hold substantial market shares.
The future outlook for the cattle health market looks promising, with a focus on innovative product launches and advancements in diagnostic imaging technologies. As economies recover from the pandemic's impact, the market is anticipated to witness significant growth in the coming years.
A selection of companies mentioned in this report includes
- Qiagen
- Boehringer Ingelheim
- Thermo Fisher Scientific
- Elanco Animal Health
- Idexx Laboratories
- IDVet
- Kyoritsuseiyaku Corporation
- Merck & Co Inc.
- Norbrook
- Vetoquinol
- Virbac
- Zoetis Inc.
For more information about this report visit https://www.researchandmarkets.com/r/c313zr
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